09/19/2024
Yes mortgage rates moved up after the Fed cut rates by .50. Everyone things that means mortgage rates would be cut by .50 point but that is wrong. The rate cut effects home equity lines and car financing, credit card rates etc but does not affect Mortgage rates. What effects Mortgage rates is how the Mortgage Backed securities move with that news. Unfortunately the market is concerned about inflation and that cutting this much could actually make inflation worst. Still rates have come down to a better place since February 2023